Hello Inc, formerly known as Hellobike, is the latest Chinese tech company to abandon overseas IPO plans amid increased scrutiny.
Mobike Europe branch is reportedly planning on branching out into e-bike and scooter rentals in the region.
The rate increase is part of parent company Meituan’s broader profitability push.
Didi hopes new strategies will help it complete a U-turn that will get it out of the dead-end in which it finds itself.
Hellobike’s new prices are more expensive than taking the bus in Beijing, which may be a blow to its business model.
Didi and Hellobike are now the biggest players in their respective markets and are moving onto each other’s turf.
His comments reflect a tech and business ecosystem which is becoming increasingly rational and practical.
The bike rental giant is currently in negotiations about merging with Hello TransTech, previously known as HelloBike.
Meituan forays into ride-hailing and bike-rental services have been expensive gambits that haven’t yet paid off, but it has seen success in other efforts.